these houses were selling for $450K 2-3 years ago and now they are going for half of that, meanwhile the rents have stayed the same...

I usually try to pay half up front and upon completion, I'll pay the remaining 50%.

All work done by me.Also thinking about installing a half bath in the cellar, have to bust up the floor & waste line anyway.

EDIT------I bought my recent property for less than half its actual value but my banker would only loan me (commercial note) the exact sale price.

So for him overseeing the project and performing half of the labor, he will make appx. $37.50/hr.

Now his story is that he's been selling ad space for about half a year.

The last half of the year is still questionable in my opinion.

Just as an FYI, about 99 out of 100 times a non-auction investor "hears" about a property selling for half price or some other crazy price it turns out he was mistaken somehow.

@Tony SepassiAbout half the states are Tax Certificate states and about half are Tax Deed States, rules vary widely, here all liens transfer to the new owner including taxes, municipal liens, mortgages, liens, judgments, etc.

Half the basement was finished, the other half had a 1 car garrage and a work area.